Auction gloom continues in all capital cities

Auction results in Melbourne last weekend were well down compared to the same weekend last year. 59 per cent of 488 homes put up for auction in Melbourne sold, down from 79 per cent of 804 properties last year. Sydney's auction results may have been affected by the Rugby League grand final with just 50 per cent of 147 properties selling, down from 52 per cent of 374 properties sold at Auction in the last weekend in September and well down on the figures for the same weekend last year. The Adelaide auction market continues to show negligible results with just 8 properties put up for auction on the weekend and only one selling, down from 73 per cent of 63 properties sold on the same weekend last year. In Brisbane 25 per cent of 48 properties sold, also down from the week before and the same weekend last year.

Source: Australian Property Monitors